HOUSTON, TEXAS – Alpha Omega Power (AOP) and Fengate Asset Management
(Fengate) are pleased to announce the closing of a tax equity capital commitment with
First Citizens Bank and East West Bank on the Vertus Energy Storage Project, a 200
MW / 400 MWh Battery Energy Storage System (BESS) in Galveston County, Texas.
The Vertus Project is currently under construction.

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“We are honored to partner with First Citizens Bank and East West Bank,” said Dan
Barbeau, SVP of Structured Finance at Alpha Omega Power. “The investors’ strong
understanding of and experience with standalone storage assets was instrumental in
supporting a smooth execution process. We look forward to building on this
partnership.”

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“We were pleased to collaborate with Alpha Omega Power on First Citizen Bank’s latest
tax equity investment since we introduced the product last October,” said Mike Lorusso,
managing director and group head for First Citizens’ Energy Finance business. “We
appreciated the opportunity to leverage our tax equity financing expertise on their behalf
and look forward to the successful completion and operation of the Vertus Energy
Storage project.”

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“East West supports projects like Vertus which align with our approach to investing in
smart, forward-looking infrastructure,” said Chris Mattern, managing director and
treasurer for East West Bank. “Battery storage is a practical solution for improving grid
reliability, and this investment reflects our focus on long-term value and sustainable
growth through strategic energy investments.”

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About Alpha Omega Power
AOP focuses on developing, building, owning, and operating utility scale standalone
BESS. AOP's mission is to enhance grid reliability and support renewable energy
integration for a more sustainable energy future. In 2023, AOP and Fengate partnered
to build a leading BESS developer and independent power producer platform. AOP
commenced operations in early 2025 of Project Caballero, a 400MWh BESS in
California. AOP is developing a 5,200MWh pipeline of BESS projects across Texas,
California, and the Southwestern United States. Find out more at
www.aoprenewables.com.

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About Fengate
Fengate is a leading alternative investment manager focused on infrastructure, private
equity and real estate strategies, with more than $10 billion of capital commitments
under management. The firm has been investing in infrastructure since 2006 with a
focus on mid-market greenfield and brownfield infrastructure assets and businesses in
the transportation, social, energy transition and digital sectors. Fengate is one of North
America’s most active infrastructure investors with a portfolio of more than 50 assets.
Learn more at www.fengate.com.

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About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build
financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that has spanned generations.
First Citizens offers an array of general banking services including a network of
branches and offices nationwide; commercial banking expertise delivering best-in-class
lending, leasing and other financial services coast to coast; innovation banking serving
businesses at every stage; and a nationwide direct bank. Parent company First Citizens
BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more
than $200 billion in assets and a member of the Fortune 500TM. Discover more at
firstcitizens.com.

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About East West Bank
East West Bank provides financial services that help customers reach further and
connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq:
“EWBC”) with total assets of more than $78 billion, as of June 30, 2025. The company’s
wholly owned subsidiary, East West Bank, is the largest independent bank
headquartered in Southern California, and operates over 110 locations in the United

States and Asia. The Bank’s markets in the United States include California, Georgia,
Illinois, Massachusetts, Nevada, New York, Texas and Washington. For more
information on East West, visit www.eastwestbank.com.

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Media Contacts
Shawna McLean
Communications Specialist
RenUSA
shawna@renusa.org

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Guillaume Dufay
Co-founder and Chief Technology Officer
Alpha Omega Power
gdufay@aoprenewables.com

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